video: bernanke is worried! hr1207 is gaining momentum fast!
from break the matrix: We’re almost there! 207 co-sponsors for HR 1207 to Audit the Federal Reserve. Join our call-a-thon to push it over the top and give Bernanke a few sleepless nights. Add your non-compliant representative to our Call-A-Thon list, learn about the Federal Reserve & see who our current target is here.
audio: ron paul on goldseek.com
fed to hire ex-enron lobbyist to counter hr1207
from washington’s blog: How is the Fed responding to: (1) a bill in Congress with 190 co-sponsors to audit the Fed – (2) a new law giving the GAO some power to examine the Fed’s actions – and (3) calls by many to abolish the Fed altogether? A promise of 100% openness and full disclosure to Congress and the American people? An agreement to stop all behind-the-scenes shenanigans? An end to the whole scam of private bankers “creating” credit and bilking the taxpayers out of trillions in interest? Of course not! Instead, the Fed is . . . launching a new p.r. campaign to show everyone how wonderful Ben and the boys really are. As Bloomberg notes: “The Federal Reserve intends to hire a veteran lobbyist as it seeks to counter skepticism in Congress about the central bank’s growing power over the U.S. financial system, people familiar with the matter said.”
bill to audit federal reserve now has 207 co-sponsors
from steve watson: At time of writing, a bill that would see the Federal Reserve bank audited for the first time in 59 years has 207 cosponsers in the House and is gaining traction with every single day. This means just 11 more are needed for a majority to be reached in the House. If enacted, HR 1207 will amend title 31 of the United States Code and reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States. In other words, for the first time since 1950, the the independent financial powerhouse that creates and regulates all money in the US will be forced by law to open its books. HR 1207 was sponsored and introduced by Rep. Ron Paul. On February 26, 2009, it was referred to the House Committee on Financial Services, where it remains under consideration. HR 1207 also has a companion bill, S 604: F R Sunshine Act of 2009, in the Senate. This news also dovetails with reports detailing how the House Oversight and Government Reform Committee, the panel responsible for investigating the use of bailout money, has issued a subpoena to the Federal Reserve, asking them to hand over all documents relating to the takeover of Merrill Lynch by the Bank of America. Claims by New York Attorney-General Andrew Cuomo that former Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke strong-armed BofA into buying Merrill, could see the two exposed to prosecution. There is no doubt that the privately owned Federal Reserve is in hot water, and it knows it.
fed would be shut down if it were audited, expert says
from cnbc: The Federal Reserve’s balance sheet is so out of whack that the central bank would be shut down if subjected to a conventional audit, Jim Grant, editor of Grant’s Interest Rate Observer, told CNBC. With $45 billion in capital and $2.1 trillion in assets, the central bank would not withstand the scrutiny normally afforded other institutions, Grant said in a live interview. “If the Fed examiners were set upon the Fed’s own documents—unlabeled documents—to pass judgment on the Fed’s capacity to survive the difficulties it faces in credit, it would shut this institution down,” he said. “The Fed is undercapitalized in a way that Citicorp is undercapitalized.” Grant said he would support legislation currently making its way through Congress calling for an audit of the Fed.
click here for part2 w/ jim grant
update1: bfi capital supports hr1207
and finally, to throw cold water on the whole thing:
auditing the fed will not result in positive monetary reforms
from rogue government: People are hailing the fact that Ron Paul’s bill to audit the Federal Reserve has now received over 200 co-sponsors. Unfortunately, it really doesn’t matter if this bill gets passed or not. The International Monetary Fund was already pondering the possibility of auditing the Federal Reserve back in 2008 and any audit of this institution will only prompt calls from establishment bootlickers to bring in more international control over the banking system. There are already calls for a global currency and in order to have this, the U.S. Dollar which has previously served as the world’s reserve currency for decades, will need to go away. Simply put, any audit of the Federal Reserve will be used by the banking elite to justify setting policies that will move us closer to the establishment of a global central bank. It will not be used to justify the dissolution of this diabolical money trust and the restoration of a sound free market monetary system… It is true that an investigation into the privately run Federal Reserve is sorely needed considering the obvious lack of transparency and corruption that this institution has been known for throughout its existence. However, an audit of this institution will merely be used by the establishment to increase their control over the global financial system. The establishment will merely utilize the problem–reaction–solution formula that they have used for years to consolidate their power. Obviously the Federal Reserve is a mess but the results of any audit will allow these people to sell the dumb American sheep a phony solution. It is unfortunate to say, but people who believe that Ron Paul’s legislation will result in any real substantive change are gravely mistaken.